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advertising taxes? >> one of the things we are doing in this legislation -- and there is going to be a detailed briefing on this policy -- but i businesses,r all the top rate is going to be 25%. there is a significant rate reduction. one of the things we need to engage people on is the trade-offs we are making in order to lower rates. with regard to advertising, the first $1 million of advertising will be expensed as is now. i think that the 25% rate and the growth that comes from that that ourhange means economy grows by 20%. [indiscernible] >> many businesses organized this way because of tax reasons. would prevent them from organizing as a c corporation if they wanted to. important to the revenue-neutral in this bill. we are in a static basis. we are also distribution only neutral. this is about how to move forward with the fairest plan possible. >> the tax on large banks and insurers, can you provide an industry-neutral -- >> as we look at the financial side of this bill, we need to look at the fact
advertising taxes? >> one of the things we are doing in this legislation -- and there is going to be a detailed briefing on this policy -- but i businesses,r all the top rate is going to be 25%. there is a significant rate reduction. one of the things we need to engage people on is the trade-offs we are making in order to lower rates. with regard to advertising, the first $1 million of advertising will be expensed as is now. i think that the 25% rate and the growth that comes from that...
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Feb 28, 2014
02/14
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the tax gap is a continuing challenge. the assessment is the tax gap is $450 billion annually. most of this amount, $376 million, is attributable to taxpayers underreporting their tax liability. the law provides certain new reporting requirements including merchant card reporting and fraud account reporting to help the irs identified and reported income. evaluating implementation of these requirements this year. implementation of tax law changes associated with the affordable care act will prevent many changes for the irs and the coming years. the affordable care act provides refundable tax credit known as the premium tax credit to offset an individual's health insurance expenses. as with other refundable credits there is the risk of improper payment. further, in september of 2013 we reported that a fraud mitigation strategy is not in place to guide affordable care systems, testing, initial deployment and long-term operations. the irs informed me new systems -- two new systems, but until these new systems are successfully developed and tested, there is concern that the irs exis
the tax gap is a continuing challenge. the assessment is the tax gap is $450 billion annually. most of this amount, $376 million, is attributable to taxpayers underreporting their tax liability. the law provides certain new reporting requirements including merchant card reporting and fraud account reporting to help the irs identified and reported income. evaluating implementation of these requirements this year. implementation of tax law changes associated with the affordable care act will...
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Mar 1, 2014
03/14
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part of the tax code. the problem for some organizations is that if they do this they will have to disclose who the donors are as opposed to being registered under 501 c4, where you don't have to disclose who funds you, even though these groups could be registered, they don't want to do so because they would have to disclose their donors. am i correct in that? >> that's correct. >> not putting you in a spot where you have to try to figure out what happened in the past. was that part of the problem that people were doing this and therefore there had to be some scrutiny, and maybe the scrutiny went overboard? >> i have not spent a lot of time working backwards because we have six investigations going on. there was an increase after 2010 were organizations put money in public discussion debate, so the volume went up and became more visible. for a long time no one paid much attention because most of these organizations were not particularly going forward. if the process is clear, people who meet the process ou
part of the tax code. the problem for some organizations is that if they do this they will have to disclose who the donors are as opposed to being registered under 501 c4, where you don't have to disclose who funds you, even though these groups could be registered, they don't want to do so because they would have to disclose their donors. am i correct in that? >> that's correct. >> not putting you in a spot where you have to try to figure out what happened in the past. was that part...
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Feb 27, 2014
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part of the tax code. the problem for some organizations is that if they do this they will have to disclose who the donors are as opposed to being registered under 501 c4, where you don't have to disclose who funds you, even though these groups could be registered, they don't want to do so because they would have to disclose their donors. am i correct in that? >> that's correct. >> not putting you in a spot where you have to try to figure out what happened in the past. was that part of the problem that people were doing this and therefore there had to be some scrutiny, and maybe the scrutiny went overboard? >> i have not spent a lot of time working backwards because we have six investigations going on. there was an increase after 2010 ine organizations put money public discussion debate, so the volume went up and became more visible. for a long time no one paid much attention because most of these organizations were not going forward. if the process is clear, people who meet the process ought to be able to
part of the tax code. the problem for some organizations is that if they do this they will have to disclose who the donors are as opposed to being registered under 501 c4, where you don't have to disclose who funds you, even though these groups could be registered, they don't want to do so because they would have to disclose their donors. am i correct in that? >> that's correct. >> not putting you in a spot where you have to try to figure out what happened in the past. was that part...
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Feb 28, 2014
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time tax. the thing that has been the focus of a lot of external setting is their idea of pre populating return forms getting information and repopulate in it for the irs to even file your return for you which is what a lot of people have talked about as being the real tax threat. it would take a long time to be able to do that. we do have work going on to try to figure out to get better third-party information into our system earlier so that we actually matchup tax returns ride in the theft or engage in audits and have more data available in a more timely manner. right now we don't get the social security or w-2 forms or the 1099 forms until late in the spring which does not do much much good. so some people internally have called that a real time tax system, but has nothing to do with the program you're talking about. there's no program that i know of going florida and we don't intend to do anything like that. >> of the court to working with the commissioner on these two areas. >> thank you.
time tax. the thing that has been the focus of a lot of external setting is their idea of pre populating return forms getting information and repopulate in it for the irs to even file your return for you which is what a lot of people have talked about as being the real tax threat. it would take a long time to be able to do that. we do have work going on to try to figure out to get better third-party information into our system earlier so that we actually matchup tax returns ride in the theft or...
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Feb 26, 2014
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for example, people who have certain tax deductions they have come to count on every tax season are not going to want to see those go away, regardless what they think of the irs, regardless whether they believe that those eliminating those tax deductions would lower tax rates overall. so i think that is just one example of why this is so volatile. perhaps we could see action on it after election season is over. certainly depending who holds the senate next year. it will be very interesting to see the future of these proposals. but in terms of reforming, for example, tax-exempt groups, there is nothing more vital to the republican base than keeping their ability to, to do political action through some of these increasingly powerful organizations. jon: so is that why republicans are so keen, for instance, to get lois lerner back in front of the committee to testify on capitol hill? >> yes, they do not feel lois lerner has not been up front. in many ways she hasn't. she pleaded the fifth and did not answer republicans questions last time she was on capitol hill. in fact we saw republican l
for example, people who have certain tax deductions they have come to count on every tax season are not going to want to see those go away, regardless what they think of the irs, regardless whether they believe that those eliminating those tax deductions would lower tax rates overall. so i think that is just one example of why this is so volatile. perhaps we could see action on it after election season is over. certainly depending who holds the senate next year. it will be very interesting to...
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Feb 27, 2014
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called real time tax. the thing that's been the focus external is the idea of could we populate a return form, prepopulate so you could look at and it make decisions or the i.r.s. could time your a lot for u. that's what of people have talked about as being the real time tax. we're not doing anything with that. it would take a long time to be able to do that. we do have work going onto betterout how to get third party information into our system earlier, so as we actually match up tax returns for identity theft or engage in datas, we'll have more available in a more timely manner. right now we don't get the w2 from social security or the 1099 forms until late in the doesn't do us much good as everybody is filing in january or february. so some people internally have called that a real time tax system, but it has nothing to do with the program you're talking about. have no program going forward that i know of and certainly don't intend to do anything like that without you.ng to >> thank you, i look forward
called real time tax. the thing that's been the focus external is the idea of could we populate a return form, prepopulate so you could look at and it make decisions or the i.r.s. could time your a lot for u. that's what of people have talked about as being the real time tax. we're not doing anything with that. it would take a long time to be able to do that. we do have work going onto betterout how to get third party information into our system earlier, so as we actually match up tax returns...
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Mar 2, 2014
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tax code is 70,000 pages long. in 1986, it was 26 pages long. so if that doesn't signal that something is wrong, i don't think we have any evidence. on top of that, the irs, according to dave camp, the irs erroneously sent $132 billion to taxpayer money to false, fraudulent claimants over the last ten years. and on top of that, you know, a tax code should encourage innovation. and investment. and discipline. >> danelle, that last point is where i pick up. i think the focus here on this reform is simplification, as mary suggests. but it's also growth. we need a tax code that doesn't retard the economy but enhanced it. and more incentive to do so in places that really increase productivity. i think this goes a big step in that direction. not perfect, but a big step in that direction? >> for sure. i've taken a look at some provisions and let me say it's not going to put tax accountants out of business. >> no, that's a dream. >> it's simple. but it's not simple. another one of this thing does is reduce the corporate rate to 25%. >> which is 35%. clo
tax code is 70,000 pages long. in 1986, it was 26 pages long. so if that doesn't signal that something is wrong, i don't think we have any evidence. on top of that, the irs, according to dave camp, the irs erroneously sent $132 billion to taxpayer money to false, fraudulent claimants over the last ten years. and on top of that, you know, a tax code should encourage innovation. and investment. and discipline. >> danelle, that last point is where i pick up. i think the focus here on this...
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Mar 5, 2014
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college care tax breaks which would give 1.71 families an average tax cut. this budget like the previous two are certain to take an uphill battle in congress. tough battle ahead for this one. >>> the time is 10 minutes to the top of the hour almost. an experienced pilot gets a rude awakening from one of the passengers. wait until you hear what his note says. >> a baby brought to tears through a sight on tv. >> who this little one can't stand to look at. >> did you recognize it? >> wait to hear that one. >> can't wait to see that. in 12 minutes on "fox & friends" steve doocy goes one-on-one with former first lady barbara bush. keith ablow is here he's mart and went to college to tell us if we are normal or not. victoria, kobe of the preacher's daughters. dare i say we talk about what's happening in the ukraine and what it is doing to our markets with stewart barney. the music gets louder slowly zoom out in comes the animation then comes a commercial. don't ask me how i know. all-you-can-eat is a hotel policy that allows you to eat all that you can. the hotel
college care tax breaks which would give 1.71 families an average tax cut. this budget like the previous two are certain to take an uphill battle in congress. tough battle ahead for this one. >>> the time is 10 minutes to the top of the hour almost. an experienced pilot gets a rude awakening from one of the passengers. wait until you hear what his note says. >> a baby brought to tears through a sight on tv. >> who this little one can't stand to look at. >> did you...
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Feb 28, 2014
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somewhere around 1943 we moved from tax britannica said pax americana. why? the united states became this economic superpower of the world when that happened we also became a military superpower of the world. does it matter? what happened in this past year? china became the economic superpower of the world in terms of trade. i am not here to say that the party is over. i am here to say it is time for us to sober up and wake-up and recognize -- [applause] -- that in my opinion the world with china as the economic superpower of the world does not make a safe to each one of us our freedom, economically or otherwise. imagine if russia is the economic and military superpower of the world. i think there is a desire on the part of russia, a desire on the part of china, a desire on the side of ron. to you want to be under up packs and ron or up packs china? you see, that is why ideas matter. it is why we cannot contend. i am here to say thank-you. you did it by stopping -- putting the brakes on the agenda of barack obama by taking that gavel out of nancy pelosi sand.
somewhere around 1943 we moved from tax britannica said pax americana. why? the united states became this economic superpower of the world when that happened we also became a military superpower of the world. does it matter? what happened in this past year? china became the economic superpower of the world in terms of trade. i am not here to say that the party is over. i am here to say it is time for us to sober up and wake-up and recognize -- [applause] -- that in my opinion the world with...
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the problem is the irs oversee it is tax code. if you want to fix it you have to scr the tax code. there is no reason risk t irs should know who is funding certain groups and how much money i make on an individual basis. fix the tax code and you fix the irs. there is month other way to do it. >> we have a simple choice here. we have the democratic plan that would give the irs more power to regulatepeech and then you have the gop plan that would take some of that power away. which do you prefer? >> you have to take it away. i mean, it is onic that he cites these rules which i a you through you to spend up to 49% of your money you raise on political activities and no limits on the time you spend on political activities. now the irs is meg officiating with conservative groups to limit the money to 40% and t limb at this time time. they are making up the rules on the fly. so they are -- you know, you can't cite -- you can't cite the rules and then -- support the irs clouding those rules. >> you can if you understand what the purpose of a 501-c-4. >> you have been looking at the irs now
the problem is the irs oversee it is tax code. if you want to fix it you have to scr the tax code. there is no reason risk t irs should know who is funding certain groups and how much money i make on an individual basis. fix the tax code and you fix the irs. there is month other way to do it. >> we have a simple choice here. we have the democratic plan that would give the irs more power to regulatepeech and then you have the gop plan that would take some of that power away. which do you...
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Feb 27, 2014
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tax law. seeking the customers that want to hide the assets and this is simply not acceptable. we are working daily to build a better reality for credit suisse and the private banking model. we try to demonstrate leadership in a number of different ways. we supported the legal steps sts that here in switzerland that would enable the authority to attain information at the cover unpaid taxes from the client. we strongly support at every opportunity for supporting it up in the usa and switzerland working closely with the senate to make the law as effective as possible. while we supported it other banks opposed it. because we embraced it, credit suisse now has in place sooner than required procedures to make sure u.s. clients demonstrate compliance in u.s. tax law. in addition, credit suisse supports information exchange including the oecd efforts in the standards for automatic information exchange. we also supported the ratification of the protocol for the double taxation treaty agreed to by the
tax law. seeking the customers that want to hide the assets and this is simply not acceptable. we are working daily to build a better reality for credit suisse and the private banking model. we try to demonstrate leadership in a number of different ways. we supported the legal steps sts that here in switzerland that would enable the authority to attain information at the cover unpaid taxes from the client. we strongly support at every opportunity for supporting it up in the usa and switzerland...
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and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com lou: the highest paid internships no longer on wall street. that is small money. real internships are in silicon valley. if you are lucky to intern and a computer software company you will make more than $7,000 per month. that is the internship or $84,000 a movie if you need me to compute that you do not need the job. vm where has the second most lucrative followed by twitter. investors catching their breath after two days of volatility over the ukraine my next guest says what happens in ukraine have been right now with investors holding services chairman harvey, a great to see you. i have not seen this kind of flip on geopolitical this i cannot remember the last time this quick and decisive what will happen now? what is the play for investors they have a lot of stomach and enough money? >> it is a bull market when j.d. merry collapsed it should have gone up but people got really
and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com lou: the highest paid internships no longer on wall street. that is small money. real internships are in silicon valley. if you are lucky to intern and a computer software company you will make more than $7,000 per month. that is the internship or $84,000 a movie if you need me to compute that you do...
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Mar 6, 2014
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court on the issue of whether citizens united overturning the ban on corporate spending applies to tax-exempt rules. counsel and duty need to be on this one please. cinci should probably not, all in caps, have these cases. what did you mean by cinci should not have these cases? >> on the advice of my counsel, i respectfully exercise my fifth amendment right and decline to answer the question. >> ms. learner, why would you say tea party cases were very dangerous? >> on the advice of my counsel, i respectfully exercise my fifth amendment right and decline to answer the question. >> ms. learner in september 2010 you e-mailed your subordinates about initiating a parenthesis c-4 project and wrote,que need to be cautious so it isn't a per se political project. why were you worried about this being perceived as a political project? >> on the advice of my counsel, i respectfully exercise my fifth amendment right and decline to answer that question. >> you will see more of learner's controversial e-mails in just a minute. but now, the clash of the titan. moments after she pleaded the right, issa cutti
court on the issue of whether citizens united overturning the ban on corporate spending applies to tax-exempt rules. counsel and duty need to be on this one please. cinci should probably not, all in caps, have these cases. what did you mean by cinci should not have these cases? >> on the advice of my counsel, i respectfully exercise my fifth amendment right and decline to answer the question. >> ms. learner, why would you say tea party cases were very dangerous? >> on the...
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and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com if you have a buness idea, we have a personalized legal solution that's right for you. with easy step-by-step guidance, we're here to help you turn your dream into a reali. start your business today with legalzoom. lou: a least one place the united states and russia get along. aboard the international space station the ukraine crisis has little effect on the one american and two cosmonauts one is caribbean does -- scheduled to depart on monday. charles -- saying right now everything is nominal with our relationship with the russian speaking only in terms of the space agency. tom jones says it is important not to keep it a political issues. >> what they lack is the control software we use 2. and never and controlled the station so they would not be wise to deny access because then they deny themselves the access. lou: and the last man to walk on the mood will join us friday evening
and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com if you have a buness idea, we have a personalized legal solution that's right for you. with easy step-by-step guidance, we're here to help you turn your dream into a reali. start your business today with legalzoom. lou: a least one place the united states and russia get along. aboard the international...
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Mar 4, 2014
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tax law. seeking out u.s. customers who want to hide untaxed assets and profiting from these untaxed assets is simply not acceptable. mr. chairman, we are working daily to build a different and better legal and cultural reality for credit suisse and the swiss private banking model. we have tried to demonstrate in this area and a number of different ways. we have supported legal steps both here and in switzerland that would enable the u.s. authorities to obtain information and recover unpaid taxes from u.s. plants. credit suisse has strongly supported at every opportunity, supporting about the u.s. and switzerland and working closely with the united states senate to make the law as effective as possible. while we supported the law, other banks opposed to. because we embraced it credit suisse now has in place sooner than required procedures to make sure u.s. clients demonstrate compliance with u.s. tax law. in addition, we support for information exchange including the oecd efforts towards globa
tax law. seeking out u.s. customers who want to hide untaxed assets and profiting from these untaxed assets is simply not acceptable. mr. chairman, we are working daily to build a different and better legal and cultural reality for credit suisse and the swiss private banking model. we have tried to demonstrate in this area and a number of different ways. we have supported legal steps both here and in switzerland that would enable the u.s. authorities to obtain information and recover unpaid...
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Feb 28, 2014
02/14
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a tax credit. not a deduction. but a tax credit for the $35,000 for the employer. so this program is no cost to the business. my plan is also revenue neutral. no cost to taxpayers. think about it the intern would be paying taxes on the 35,000. also spending money in the community, which creates revenue for the irs. and also big point, the intern will not be drawing unemployment insurance, saving the taxpayers, and the business? they get work out of that intern, can test run expanding without running about costs. this plan is simple, targeted, matches needed skills with jobs available. we don't even need to add any bureaucracy. businesses just take that $35,000 credit on their tax return. and that's my off-the-record comment tonight. what do you think of my one page jobs plan? go to gretawire.com and tell us. >>> and are americans feeling buyer's remorse about president obama. take a look at the latest poll. 59% of americans are disappointed in the obama presidency. 59%. not just republicans. a big chunk of that disappointment coming from independence and democrats.
a tax credit. not a deduction. but a tax credit for the $35,000 for the employer. so this program is no cost to the business. my plan is also revenue neutral. no cost to taxpayers. think about it the intern would be paying taxes on the 35,000. also spending money in the community, which creates revenue for the irs. and also big point, the intern will not be drawing unemployment insurance, saving the taxpayers, and the business? they get work out of that intern, can test run expanding without...
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Mar 1, 2014
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tax code is 70,000 pages long. in 1986, it was 26,000 pages long. if that doesn't signal something is wrong, i don't think we have any evidence. on top of that, the irs erroneously sent $132 billion of taxpayer money to false, fraudulent claimants over the last ten years. and on top of that, a tax code should encourage innovation and investment. this one does not. >> that last point is where i pick up. i think that the focus here on this reform is simplification, but also growth. we need a tax code that doesn't retard the economy but enhances it. puts fewer obstacles in front of individuals and businesses to invest. i think this goes a big step in that direction. not perfect, but makes a big step in that direction. >> yeah, well, that's for sure. i've taken a look at some of the provisions. let me say it's not going to put tax accountants out of business. >> that is a dream. >> it's simpler but not simple. it reduces the corporate rate to 25%. we now have the highest in the industrialized world. >> which is 35%, closer to 40% if you include state ra
tax code is 70,000 pages long. in 1986, it was 26,000 pages long. if that doesn't signal something is wrong, i don't think we have any evidence. on top of that, the irs erroneously sent $132 billion of taxpayer money to false, fraudulent claimants over the last ten years. and on top of that, a tax code should encourage innovation and investment. this one does not. >> that last point is where i pick up. i think that the focus here on this reform is simplification, but also growth. we need...
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Mar 2, 2014
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so we need economic growth, not new taxes. new taxes will make it harder to grow the economy. second we know because the congressional budget office just told us a week or so ago that we have record levels of debt and growing levels of debt. another $10 trillion added to our debt in the next ten years. we get backed up to a trillion dollars a year in deficits during that time period. so we though those two things. and, yet, the president saying, no, we're going to put more taxes on the economy. we're not going to deal with the debt and deficit. >> let me bring in, because we have limited time, let me bring in congressman vanholland. the reason we can afford new spending is because the deficit is going down. that only tells part of the story. according to the budget office, the deficit does drop this year and next. but then if you look in the outyears, it starts to go up again and reaches over $1 trillion again by 2022. >> well, that's right. i can just say a quick word on the u-turn response in the earlier section. i think we're 48 hours near an international crisis. i would h
so we need economic growth, not new taxes. new taxes will make it harder to grow the economy. second we know because the congressional budget office just told us a week or so ago that we have record levels of debt and growing levels of debt. another $10 trillion added to our debt in the next ten years. we get backed up to a trillion dollars a year in deficits during that time period. so we though those two things. and, yet, the president saying, no, we're going to put more taxes on the economy....
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Mar 6, 2014
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or carbon tax or some other non-income based tax added to our existing tax system >> senator hatch, i think the budget lays out clearly our tax policies for the next 10 years. for a number of years now the president has laid out principles that should govern how we look at social security reform, and i'd be happy to follow up and work with you on that going forward. >> i would appreciate that. my time is up. >> senator burr up next and then senator stab beno. >> both you and the president stated you were outraged by this behavior. senator, do you stand by that comment today zblrnlts >> senator, i have stood by my comments the actions taken reflected bad judgment and were unacceptable, couldn't happen again. we put in place an acting director at the irs who did a fine job to bring things into order. we have a new commissioner at the irs equally first rate. we are committed to running the best irs we can possibly run. i'm equally cobbconvinced there was not any malicious action there, it was bad judgment and that bad judgment was unacceptable. >> i ask you because the contrition you e
or carbon tax or some other non-income based tax added to our existing tax system >> senator hatch, i think the budget lays out clearly our tax policies for the next 10 years. for a number of years now the president has laid out principles that should govern how we look at social security reform, and i'd be happy to follow up and work with you on that going forward. >> i would appreciate that. my time is up. >> senator burr up next and then senator stab beno. >> both you...
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Feb 27, 2014
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tax evasion. is that correct that yours swiss bankers work with both of these outside intermediaries to help u.s. citizens set up offshore shell entities and to open accounts in your bank in switzerland in the name of those entities and set up in their own names? >> yes in some instances they did. >> and they were called intermediaries, right? i mean that is one of the names they were called. >> i'm not sure. fiduciaries. >> so anonymous with intermediaries, would you agree xp they sound very similar, yes. >> no the bank has acknowledge that it has also worked with other intermediaries. can you tell us who they were? besides these two. can you tell us what other intermediaries or what was the name you used? fiduciaries that the bank worked with to do what i just described, to help u.s. clients set up, this is the egregious conduct you were talking about mr. dougan to set up offshore shell entities and open accounts in your bank in switzerland in the name of those entities instead of their own name
tax evasion. is that correct that yours swiss bankers work with both of these outside intermediaries to help u.s. citizens set up offshore shell entities and to open accounts in your bank in switzerland in the name of those entities and set up in their own names? >> yes in some instances they did. >> and they were called intermediaries, right? i mean that is one of the names they were called. >> i'm not sure. fiduciaries. >> so anonymous with intermediaries, would you...
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and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com why let erectile dysfunction get in your way? talk to your doctor about viagra. ask if your heart is healthy enough for sex. do not take viagra if you take nitrates for est pain; it may cause an unsafe drop in blood pressure. side effects include adache, flushing, upset stomach, and abnormal vision. to avoid long-term injury, seek immediate medical help for an erection lastg more than four hours. stop taking vira and call youroctor right away if you experience a sudden decase or los in vision or hearing. this is the age of taking action. viagra. talk to your doctor. lois ar >>> but you know that in every account, by helping them into a chair, listening to them, all of those are opportunities. christ is really living in them. and then we bring christ to them in ourselves, and it is the final moment, when you know they got into the hands of god you know they were there. it's incredi
and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com why let erectile dysfunction get in your way? talk to your doctor about viagra. ask if your heart is healthy enough for sex. do not take viagra if you take nitrates for est pain; it may cause an unsafe drop in blood pressure. side effects include adache, flushing, upset stomach, and abnormal vision. to...
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Mar 3, 2014
03/14
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tea am the chairman of a party caucus in the house of representatives and for -- and formal federal tax litigation attorney for the irs. >> i think they are afraid of michele bachmann. demo that is why you are here today. >> forbes magazine and released the list of 100 most powerful women. michele bachmann is number 20. a michele bachmann is fundraising powerhouse. >> she was doing the tea party thing before tea parties were doing tea parties. she knows what she believes in. need to bring government back to you. that is the government our founding fathers gave us. stand strong, hold them accountable. >> i'm not going away. these well, congressman -- congresswoman michele bachmann. >> good morning. >> good morning. good to see you. good morning. it is so great to see you. are we having a good time? i'm so excited. i just have to let you know a head of time i cannot stay long by the i being audited irs. you know exactly what i am talking about. i am here today to say thank you americawhat you did for is stellar. it was life changing to the lifeblood of this nation. you and the movement we
tea am the chairman of a party caucus in the house of representatives and for -- and formal federal tax litigation attorney for the irs. >> i think they are afraid of michele bachmann. demo that is why you are here today. >> forbes magazine and released the list of 100 most powerful women. michele bachmann is number 20. a michele bachmann is fundraising powerhouse. >> she was doing the tea party thing before tea parties were doing tea parties. she knows what she believes in....
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liz: tax preparers oversee it, not the irs or age age as, tax preparers, you come in and file the tax return and get direct deposit and the earned income tax credit is money that goes out the door, if you are frauds to you take the money and run. the fraud rate is anywhere from 20% to 25% of to 130% fragile the wind out the door. stuart: it is a check that comes in the meal, earned money on the books but very little money, we are giving those people more money and get a check every year and now the president wants to bring in an extra 13 million people who don't have children, newly eligible. liz: bringing more people into the system that they have known for years is broken and rife with fraud. they now how to play and are playing the big time. they get direct a pause a check through the earned income tax credit and get the money and take it and run. stuart: if it is called buying votes. we have more in a second. check the big board. we are down 35 points. we got our first look at employment before the big report friday. is there a bright spot? charles: it is an unmitigated disaster.
liz: tax preparers oversee it, not the irs or age age as, tax preparers, you come in and file the tax return and get direct deposit and the earned income tax credit is money that goes out the door, if you are frauds to you take the money and run. the fraud rate is anywhere from 20% to 25% of to 130% fragile the wind out the door. stuart: it is a check that comes in the meal, earned money on the books but very little money, we are giving those people more money and get a check every year and now...
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Mar 6, 2014
03/14
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FOXNEWSW
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he is an attorney, a tax specialist. he testified at a point in the process of reviewing these tea party applications that he had enough evidence to deny or fwrapts our applications. yet lois lerner interfered and said no, we need to be able to submit this to the chief counsel's office. by the way, carter hall said he'd never had that happen in the 48 years in the irs. so that put that immediately into the potential political issue. so if i'm lois lerner today, i would want or certainly have a compelling reason to testify, especially since the justice department, a few months ago said there's not going to be any -- >> you know what, if i was lois lerner, i would have taken the fifth, i know it's a thorny issue whether she waived it or not. innocent people take the fifth. guilty people take the fifth. especially when you have e-mails like this. even though the justice department has signed off on this. i would take the fifth if i were lois, and i would advise her too. >> the presumption is innocence, but as a general mann
he is an attorney, a tax specialist. he testified at a point in the process of reviewing these tea party applications that he had enough evidence to deny or fwrapts our applications. yet lois lerner interfered and said no, we need to be able to submit this to the chief counsel's office. by the way, carter hall said he'd never had that happen in the 48 years in the irs. so that put that immediately into the potential political issue. so if i'm lois lerner today, i would want or certainly have a...
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Feb 27, 2014
02/14
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FOXNEWSW
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and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com lois ar >>> but you know that in every account, by helping them into a chair, listening to them, all of those are opportunities. christ is really living in them. and then we bring christ to them in ourselves, and it is the final moment, when you know they got into the hands of god you know they were there. it's incredible. >> well, we promise you an update on the legal battle pinning the united states government against the women you just saw, nuns, who have devoted their lives to helping the least of these, the little sisters of the poor launched a full appeal this week asking the tenth circuit court of appeals to protect their religious freedoms so they're not forced to provide contraception to their insurers. last night i spoke to the senior counsel for the nuns and asked him what is going on right now? >> so we're asking the court of appeals to give us longer-lasting relief. y
and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com lois ar >>> but you know that in every account, by helping them into a chair, listening to them, all of those are opportunities. christ is really living in them. and then we bring christ to them in ourselves, and it is the final moment, when you know they got into the hands of god you know they...
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Mar 6, 2014
03/14
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in tefrps rms of tax reform. trying to put together two things that are about growth and the economy and things that we can come to agreement on. >> i think when you look at the provisions. raise the minimum wage. saying that people can reduce the hours of work. if you look at the credits in here for expending child and other family tax credits. this is the toughest it's been for main street. with all due respect as i listen to you today and see the budget, this budget is anything but fiscally responsible. we have heard the numbers over and over. we have heard $8.3 trillion in debt. and $25 trillion in debt by 2024. my constit wepts of my district are expected to balance their budgets. i'm going to tell you the budget is the issue with people. they understand the importance of balancing the budget. as a member of the transportation intrastructure committee we are working on how to maintain our highways and waterbays and intrastructure. and make it profit anl for fute twr future generations. it is recommended that
in tefrps rms of tax reform. trying to put together two things that are about growth and the economy and things that we can come to agreement on. >> i think when you look at the provisions. raise the minimum wage. saying that people can reduce the hours of work. if you look at the credits in here for expending child and other family tax credits. this is the toughest it's been for main street. with all due respect as i listen to you today and see the budget, this budget is anything but...
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Feb 28, 2014
02/14
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FBC
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sandra: the federal tax rate is 39.6%. stuart: more on the estate taxes, calif. have the highest estate tax, 10% on that kind of income if you're going to college so they lost half just like that. don't get me started. come on, take a look at 3d systems. it made $74 million from 3d printers last quarter. -pthe stock is up to date, but that is not the news. i will give you the news. this company is teaming up with hershey's, a 3d printer uses sugar, not that plastic stuff. they make 3d models, 3d printed food. it is here. we are joined by the ceo of 3d systems, a frequent guest on this program and a welcome one. good to see you. i have here, not sure if i can get it on camera very easily but these are what you guys printed for us, these are 3d printed little sugar balls. i take it you could have created these made of chocolate as well? >> absolutely. that is the heart of developing delectable edible printable sugar for decorations and cake tops but also delicious chocolate and a little bit down the road we are really looking at how do we define personalized nutrit
sandra: the federal tax rate is 39.6%. stuart: more on the estate taxes, calif. have the highest estate tax, 10% on that kind of income if you're going to college so they lost half just like that. don't get me started. come on, take a look at 3d systems. it made $74 million from 3d printers last quarter. -pthe stock is up to date, but that is not the news. i will give you the news. this company is teaming up with hershey's, a 3d printer uses sugar, not that plastic stuff. they make 3d models,...
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Feb 26, 2014
02/14
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this tax totals $8 billion this year, and increases by over 40% to $11.3 billion in 2015. so certainly reducing affordability in terms of the cost of premiums. due to this tax, a family purchasing coverage in the individual market this year will pay an additional $270 for the premiums and businesses will pay an additional $360 for each family they cover. we believe this tax should be repealed or at least delayed to ensure that coverage is more affordable, as we continue to implement the affordable care act. health plans have worked aggressively to implement new tools to hold down costs. one way they've done this is through a development of networks as a choice for individuals who are purchasing coverage. high-value networks keep premiums affordable by creating financial incentives to encourage utilization of higher value treatments and services such as through evidence-based care and lower utilization of unnecessary treatments. high value provider networks are currently designed in two ways. first there's the use of tiers of health care providers based on specific performa
this tax totals $8 billion this year, and increases by over 40% to $11.3 billion in 2015. so certainly reducing affordability in terms of the cost of premiums. due to this tax, a family purchasing coverage in the individual market this year will pay an additional $270 for the premiums and businesses will pay an additional $360 for each family they cover. we believe this tax should be repealed or at least delayed to ensure that coverage is more affordable, as we continue to implement the...
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Mar 5, 2014
03/14
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MSNBCW
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and that's the earned income tax credit, as well. i mean, that actually is -- a refundable tax credit that a lot of people support that gives low-income people the ability to get -- >> it is -- i wish we had more time to make this argumentment at the end of the day, it's a one-time payment. people need money year round. i'm not sure that government should be subsidizing -- >> that's why that needs to be change. >> i think we can agree on that. i know we didn't have time. thank you very much. >>> that wraps up things for "the reid report." i'll see you tomorrow at 2:00 p.m. eastern. join us on line at thereidreport.com. "the cycle" is up next. >>> i wish you had more time for that segment, too. sounds interesting. good debate. we've got a lot on the ukraine, obviously. following breaking news and breaking diplomatic announcements. we'll bring it to you. also gay rights and the argument over chicken wings. >> i'm on a diet. i don't want to hear that. get married, have a couple of kids, [ children laughing ] move to the country, and liv
and that's the earned income tax credit, as well. i mean, that actually is -- a refundable tax credit that a lot of people support that gives low-income people the ability to get -- >> it is -- i wish we had more time to make this argumentment at the end of the day, it's a one-time payment. people need money year round. i'm not sure that government should be subsidizing -- >> that's why that needs to be change. >> i think we can agree on that. i know we didn't have time. thank...
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Feb 26, 2014
02/14
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FOXNEWSW
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>> and some people call it a tax. no, no. it is not a nice word. you don't like tax. it is shared responsibility payment. it is your responsibility and mine and theires is going to help you share your dollars with the rest of the country. so now the irs is helping you a long. >> srp. shared responsibility payment. that is what it is. >> melissa, how do they it collect it? >> with more agents. if you are getting a return from the irs they will deduct it. right out of the gate the treasury department said they will need 2,000 more agents. and what is going to be trucky is the folks who don't foil a tax return. >> seniors don't have to and young people. that group of young people who don't have a income and trying to decide if they want to get insurance or pay a penamenty. and that is through the tax return and earning an income. it just means many, many more irs agents in our future. >> the only way they can exize the tax or penalty are getting it on the taxes and they with hold the money. at the same time the irs holds the liability. i haven't owed the irs. and that is
>> and some people call it a tax. no, no. it is not a nice word. you don't like tax. it is shared responsibility payment. it is your responsibility and mine and theires is going to help you share your dollars with the rest of the country. so now the irs is helping you a long. >> srp. shared responsibility payment. that is what it is. >> melissa, how do they it collect it? >> with more agents. if you are getting a return from the irs they will deduct it. right out of the...
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Feb 26, 2014
02/14
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CNBC
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but the wealthy have found new ways to avoid taxes. puerto rico, the kamens, singapore and other locations are getting business from those diverted from switzerland. it's like whack-a-mole tax evasion. >> that's what you did, right, guy? >> don't lump me in. rogue trader. rogue banker. rogue trader. these were the cats that were studs until they get caught. the only difference between a partner and a rogue trader is whether you made or lost money. that's the truth, folks. don't give me the rogue banker stuff. they knew what was going on the whole time. guy adami has spoken. >> there's two facts that don't square. the fed is saying these are 22,000 accounts. 95% of them were not reported to irs. therefore, illegal. you have credit suisse saying, this was just a few guys. a few guys are not going to be running 20,000 accounts. one of the two are wrong. just because you have a swiss bank account doesn't mean you're doing something illegal. the problem is, they can't get information from that because swiss law forbids banks right now from
but the wealthy have found new ways to avoid taxes. puerto rico, the kamens, singapore and other locations are getting business from those diverted from switzerland. it's like whack-a-mole tax evasion. >> that's what you did, right, guy? >> don't lump me in. rogue trader. rogue banker. rogue trader. these were the cats that were studs until they get caught. the only difference between a partner and a rogue trader is whether you made or lost money. that's the truth, folks. don't give...
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Mar 6, 2014
03/14
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CSPAN2
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or carbon tax or not income-based tax added to our existing tax system? >> senator hatch i think the budget lays out clearly our tax policies for the next 10 years. for a number of years the president has laid out as a pulse and how we look at social security reform and i would have to follow up with you on that. >> we would appreciate that a my time is up. >> senator burr and then senator scott. >> thank you mr. secretary and welcome. mr. secretary after lois lerner disclosed last summer that the irs had been targeting conservative organizations for more than a year both you and the president stated that you were in that quote outraged by that behavior. do you stand by that comment today? >> senator i have stood by my comments that actions taken reflected bad judgments and they were unacceptable and they couldn't happen again. we put in place and acting director of the iras who did a fine job to bring things into order and we have -- we are committed to running the best irs we can possibly run. equally i'm convinced there was not any kind of malicious ac
or carbon tax or not income-based tax added to our existing tax system? >> senator hatch i think the budget lays out clearly our tax policies for the next 10 years. for a number of years the president has laid out as a pulse and how we look at social security reform and i would have to follow up with you on that. >> we would appreciate that a my time is up. >> senator burr and then senator scott. >> thank you mr. secretary and welcome. mr. secretary after lois lerner...
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Mar 4, 2014
03/14
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tax laws? >> i don't think it does senator. and couple of things that need to be kept in mind about this program. it's only applying to banks that we really didn't have any information about. these banks were not on our radar screen. the vast majority of them have no presence here in the united states at the united states and also there are not any tools that we could really use. the 14 banks are covered. individuals are covered. we are going to get number one a lot of information from these banks that help us ross acute their employees and their officers. secondly we are going to get a lot penalties and a lot of money which is what this is all about. third we are going to get information that will help us to treaty request in a better way because there is the proverbial law that this was keep putting up and all this is in fact going to lead us to a lot of different beneficiabeneficia l avenues. the final one is they are contacting their bank account holders or u.s. citizen and telling them that they are going to be providing t
tax laws? >> i don't think it does senator. and couple of things that need to be kept in mind about this program. it's only applying to banks that we really didn't have any information about. these banks were not on our radar screen. the vast majority of them have no presence here in the united states at the united states and also there are not any tools that we could really use. the 14 banks are covered. individuals are covered. we are going to get number one a lot of information from...
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Feb 26, 2014
02/14
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the tax reporter for politico joins us from capitol hill. what are some of the things we know already about the proposal that chairman campbell announced >> it appears that dave camp is able to fulfil his goal of reducing the income tax rate for individuals to about 25%. we are hearing a lot of discussion about a big tax on big financial institutions and banks that could raise about $50 billion. we are also hearing different -- right now is rumor mill appear. k street is exploding with different rumors, will be on the base tax and rates you're hearing capital gain tax is -- about 40 percent of those will be exempted. lowering rates. there will be a surtax on the nation's wealthiest turner's to raise some revenue. so a lot of different -- different proposals coming of ways and means today and coming out of k-treat them those the scene analysis are seen the draft. >> what i you hearing from rank-and-file members, democrats and republicans, how are they greeting the news of a potential tax reform package? >> well, jake sherman then i reported t
the tax reporter for politico joins us from capitol hill. what are some of the things we know already about the proposal that chairman campbell announced >> it appears that dave camp is able to fulfil his goal of reducing the income tax rate for individuals to about 25%. we are hearing a lot of discussion about a big tax on big financial institutions and banks that could raise about $50 billion. we are also hearing different -- right now is rumor mill appear. k street is exploding with...
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230
Feb 26, 2014
02/14
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FBC
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and pay no taxes for 10 yea. with new jobs, new opportunities. ana new tax free plan. there's only one way for yo business to go. up. find out if your businessy can alify at start-upny.com stuart: here we go, new home sales, 5 year high in january up 9.6% seasonally adjusted annual rate 468,000 units. the weather had no and hacks, best levels since july of 2008. california couple found $10 million worth of gold coins buried in the yard, 1400, gold pieces dating back to the late 1800'ss, some of them in near mint condition, the couple gets to keep them. will ferrell, the latest celebrity pitching obamacare, this time on his face book page. that is a picture of him but it didn't go over well witt his fans. as of right now over 5,000 comments columns negative. next we bring you the real book. for over a decade millions have raised their hand for the proven relie of the purple pill. and that relief could be in your hand. for many, nexium helps relieve heartburn symptoms from acid reflux disease. find out how you can save at purplepill.com. there is risk of bone fracture an
and pay no taxes for 10 yea. with new jobs, new opportunities. ana new tax free plan. there's only one way for yo business to go. up. find out if your businessy can alify at start-upny.com stuart: here we go, new home sales, 5 year high in january up 9.6% seasonally adjusted annual rate 468,000 units. the weather had no and hacks, best levels since july of 2008. california couple found $10 million worth of gold coins buried in the yard, 1400, gold pieces dating back to the late 1800'ss, some of...
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437
Feb 28, 2014
02/14
by
FOXNEWSW
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"fox and friends" it is tax time. we have the top secrets to help avoid an audit. >>> some items are cheaper if you buy them in march. >>> and we have hedge hogs in the studio. >> i'm so jealous. >> have a great weekend everybody. >> good morning. fox news alert. it is being called a russian invasion. russian marines have surrounded a key military airport why quote unknown armed men are patrolling an airport nearby. there is a lot to talk about. i am bill hemmer live here in "america's newsroom." >> and i am martha maccallum. so the chaos in ukraine could be about to explode. russia is flexing their military muscles conducting drills up and down and now the ousted president is in the middle of giving his first news conference. yanukovych is speaking to the press now. >> amy kellog is monitoring of the this. >> reporter: a top official says the two airports that were taken over by some sort of russian troops are back under ukraine's control. it isn't clear who the gunman were that took over the airports. both of these
"fox and friends" it is tax time. we have the top secrets to help avoid an audit. >>> some items are cheaper if you buy them in march. >>> and we have hedge hogs in the studio. >> i'm so jealous. >> have a great weekend everybody. >> good morning. fox news alert. it is being called a russian invasion. russian marines have surrounded a key military airport why quote unknown armed men are patrolling an airport nearby. there is a lot to talk about. i...
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Feb 26, 2014
02/14
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CNNW
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and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com healthy diets are hard on your teeth. the truth is a lot of healthy food choices are still high in acidic content. if your enamel is exposed to acid and is in a softened state and you brush it away, you know, then it's gone. i would recommend that they brush with pronamel. pronamel is formulated to strengthen enamel and counteract the effects of acid erosion. they don't need to cut out those foods because they are good for them. but you can make some smart choices. why let erectile dysfunction get in your way? talk to your doctor about viagra. ask if your heart is healthy enough for sex. do not take viagra if you take nitrates for chest pain; it may cause an unsafe drop in blood pressure. side effects include headache, flushing, upset stomach, and abnormal vision. to avoid long-term injury, seek immediate medical help for an erection lasting more than four hours. stop taking viagr
and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com healthy diets are hard on your teeth. the truth is a lot of healthy food choices are still high in acidic content. if your enamel is exposed to acid and is in a softened state and you brush it away, you know, then it's gone. i would recommend that they brush with pronamel. pronamel is formulated to...
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Feb 26, 2014
02/14
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CNNW
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eye 249
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how it helps some wealthy americans dodge billions in tax taxes. ♪ every now and then i get a little bit hungry ♪ ♪ and there's nothing good around ♪ ♪ turn around, barry ♪ i finally found the right snack ♪ [ female announcer ] fiber one. go! [ male announcer ] it's chaos out there. but the m-class sees in your blind spot... ♪ pulls you back into your lane... ♪ even brakes all by itself. it's almost like it couldn't crash... even if it tried. the 2014 m-class. see your authorized dealer for exceptional offers through mercedes-benz financial services. see your authorized dealer for exceptional offers save you fifteen percent or more on car insurance.ould yep, everybody knows that. well, did you know the ancient pyramids were actually a mistake? uh-oh. geico. fifteen minutes could save you fifteen percent or more on car insurance. thcar loan didn't start here. it began way, way back. before he had children. before he got married. it started in his very first apartment. see that overdue bill? it arrived after he moved out. and he never got it. but he's not worried. check
how it helps some wealthy americans dodge billions in tax taxes. ♪ every now and then i get a little bit hungry ♪ ♪ and there's nothing good around ♪ ♪ turn around, barry ♪ i finally found the right snack ♪ [ female announcer ] fiber one. go! [ male announcer ] it's chaos out there. but the m-class sees in your blind spot... ♪ pulls you back into your lane... ♪ even brakes all by itself. it's almost like it couldn't crash... even if it tried. the 2014 m-class. see your...
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Mar 4, 2014
03/14
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CSPAN2
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taxes. there are a lot of reasons for that but you folks have got to look in the mirror if you want to help us identify one reason. if you go after the folks and i just want to be real clear that you have got a lot there on your looks. if you can't simply say that if we ratify a treaty that is going to solve the problem. does your law saying it's illegal to identify the people on accounts, does that law go away or is it repealed? >> church chairman the laws not going to be repealed the law will permit to give you all the names under the treaty process. >> give us the name which complies with the treaty process. >> is a long way from all the names because the treaty process is going to require your bank by the way, if we ask you for the names would you ratify that treaty? that is a commitment which i hope you will keep because remember under that treaty whoever wants those names is going to have to truth that the bank contributed significantly to the aiding and abetting and this is after 2008
taxes. there are a lot of reasons for that but you folks have got to look in the mirror if you want to help us identify one reason. if you go after the folks and i just want to be real clear that you have got a lot there on your looks. if you can't simply say that if we ratify a treaty that is going to solve the problem. does your law saying it's illegal to identify the people on accounts, does that law go away or is it repealed? >> church chairman the laws not going to be repealed the...
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Feb 26, 2014
02/14
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MSNBCW
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and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com to nbcuniversal's coveragens of the biggest loser olympic winter games ever, with the most coverage of the most events on every device. and the most hours of streaming video on the nbc sports live extra app, including the x1 platform from xfinity. comcast was honored to bring every minute of every medal of nbcuniversal's coverage to every screen. so what's next? rio 2016. welcome to what's next. comcast nbcuniversal. purina dog chow light & healthy is a deliciously tender and crunchy kibble blend. with 20% fewer calories than purina dog chow. isn't it time you discovered the lighter side of dog chow. purina dog chow light & healthy. to manage your money.r guy around 2 percent that's not much, you think except it's 2 percent every year. go to e*trade and find out how much our advice and guidance costs. spoiler alert. it's low. it's guidance on your terms not ours. e*trade. less for
and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com to nbcuniversal's coveragens of the biggest loser olympic winter games ever, with the most coverage of the most events on every device. and the most hours of streaming video on the nbc sports live extra app, including the x1 platform from xfinity. comcast was honored to bring every minute of every medal...
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Feb 26, 2014
02/14
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BLOOMBERG
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eye 161
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number one, it would vilify tax rates which ash simplify tax rates for children for education. it would get rid of special interest handouts. it would also eliminate the carried interest tax benefit, which is been a lightning rod in d.c. greg, you, i know, as a former ceo, have quite a lot of opinions about the tax rate and how it is affecting corporate america. what do you think would be the biggest change in the tax code that would help create jobs? >> wow. job creation is, to me, something that has to come from a lack of regulation. the issue that we have had for years now is over-regulation. when you see topics like minimum wage, use it the obama white house working on this, that i want to regulate this, i want to force this, those are not helpful. the government does not have a lot of things that it runs that run well. almost nothing you can point to the -- you wouldn't say "let's privatize that," and it would work good from the job creation standpoint, the less relations and hurdles you have, particularly on small business -- >> but on taxes, what would it be? what reform
number one, it would vilify tax rates which ash simplify tax rates for children for education. it would get rid of special interest handouts. it would also eliminate the carried interest tax benefit, which is been a lightning rod in d.c. greg, you, i know, as a former ceo, have quite a lot of opinions about the tax rate and how it is affecting corporate america. what do you think would be the biggest change in the tax code that would help create jobs? >> wow. job creation is, to me,...
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Mar 1, 2014
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on millionaires and billionaires, raise taxes on owners of private jets. that that is going to somehow make a difference in america's debt is not only misleading, quite frankly, it's disappointing. >> would they rather put our entire economy at risk just to protect a few and benefit only the wealthiest americans of corporations. >> it's the kind of language that you would expect from the leader of a third world country, not the president of the united states. >> let me bring back our studio audience. jessica, i'm going to put you on the spot. don't be mad. the top 10% wage earns, what do think they make? >> overall top 10% american wage earnser,s what percentage of the bill? >> they pay the majority of the bill. >> 72%. the bottom 50% of wabge earners what do they earn? >> they pay zero. federal income tax. >> the main issue that there is here is that we have seen not just under obama's administration, during which we've also seen a horrible recession, going back to the '70s where we've seen this growing income inequality. the problem is that we've seen it
on millionaires and billionaires, raise taxes on owners of private jets. that that is going to somehow make a difference in america's debt is not only misleading, quite frankly, it's disappointing. >> would they rather put our entire economy at risk just to protect a few and benefit only the wealthiest americans of corporations. >> it's the kind of language that you would expect from the leader of a third world country, not the president of the united states. >> let me bring...